Indian Textile Exports Surge 9.59% In May 2024
Despite unfavorable economic conditions in major markets such as the European Union (EU), the US, and West Asian nations, Indian textile exports grew by 9.59% in May 2024 compared to the previous year, according to a report by the Confederation of Indian Textile Industry (CITI). Additionally, Indian apparel exports saw an increase of 9.84% during the same period.
CITI’s report highlighted that the combined exports of textiles and apparel in May 2024 registered a 9.70% growth over May last year. India’s overall exports for May 2024 surged to USD 68.29 billion, marking a substantial year-on-year increase of 10.2%, as reported by the Commerce Ministry on June 14.
The analysis noted that during April-May 2024, Indian textile exports grew by 6.04% over the previous year, while apparel exports increased by 4.46% during the same period. The cumulative exports of textiles and apparel during April-May 2024 saw a 5.34% rise compared to the same period last year.
The recently released export data showed strong performance in sectors such as electronic goods, pharmaceuticals, organic and inorganic chemicals, engineering goods, petroleum products, plastics and linoleum, cotton yarn/fabrics/made-ups, handloom products, and man-made yarn/fabrics/made-ups. Other merchandise products, including meat, dairy and poultry products, mica, coal and other ores, processed minerals, ready-made garments (RMG) of all textiles, tea, coffee, rice, tobacco, carpets, handicrafts, oil seeds, and fruits and vegetables, also performed well.
Ashwani Kumar, President of the Federation of Indian Export Organisations (FIEO), noted a positive trajectory in May 2024, driven by robust order bookings. Among the top ten export markets for India were the US, UAE, Netherlands, UK, China, Singapore, Saudi Arabia, Bangladesh, Germany, and France, with exports to these markets registering double-digit growth rates.
Breaking down the export data released yesterday, merchandise exports saw a 9.1% rise to USD 38.13 billion, while service exports climbed by 11.7%, reaching USD 30.16 billion.
